In accordance with a recent report from Reuters, the social media platform Twitter is going to add digital payment transfers. Well, this is for sure another income stream for the company besides the ad tech introduced just recently in the past few months. Besides this, the platform has also introduced Twitter Blue subscriptions, which serve as another revenue stream.
Among several other revenue-generating mechanisms, Commerce is another area where Twitter can explore further opportunities. The business appears to be intensifying its efforts to produce more video content. The time spent on vertical video makes up 10% of all time spent on Twitter nowadays. With the app’s hundreds of millions of users, 10% of income, if employed for ad placement, might be sizable.
In addition, Musk thinks that the rise of video content may open up opportunities for platform sponsors to work with producers. Similar to how content producers on YouTube and Twitch receive sponsorships from companies to promote their goods. Investors were informed of the specifics of Twitter’s new income projections, according to Reuters.
As of now, there is no certainty whether this modification will take place or not. However, Musk has a firm plan of introducing this feature to the platform. Earlier this year, he shared his thoughts about turning Twitter into a space where users can buy products as well as send money to one another via the platform.
The recent reports indicate that the company is moving in this respective direction. According to Reuters, the social media platform Twitter has filed for “money transmitter licenses” across fifty states. In case, Twitter receives the licenses then it will certainly move one step closer to its future plan. With all such modifications, Twitter might become more than a social media site.
Besides this, there are no further details about the nature of applications and their regulatory approval. However, recent developments indicate that Musk is eager to introduce such new features to the platform.
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